Both House Ways and Means Committee Chairman Dave Camp and former Senate Finance Committee Chairman Max Baucus have released discussion drafts of proposal packages aimed at comprehensive tax reform. In addition, President Obama released his fiscal 2015 budget last week, which included a number of tax modifications.

It is not clear that the legislative will exists to pass significant tax changes prior to the fall mid-term elections. The proposals will, though, help frame the discussion around tax reform going forward.